The NMTCC is a national membership organization representing Community Development Entities (CDEs) and investors working with the NMTC program. The Coalition was formed in 1998 with the principal purpose of advocating for the enactment of a federal tax credit to spur economic development in underserved areas. The Coalition works to ensure that the NMTC program can effectively be used to attract private capital and generate economic development in poor communities.

At Finance Fund, we keep doing what we’ve always been doing – leveraging funds to help spark community development and create jobs. The distressed communities we serve want to work and are excited to see that under construction sign. Real estate and business development means something new is about to happen, progress is being made and opportunities are on the rise.

Create jobs by development, we say. Where progress is being made in our distressed communities, heads are held high. We’re pleased to tell you the Labor Board announced, as of September, 103,000 jobs have been added to the economy. We’re excited because we know we engaged the right relationships to help local businesses get the capital they needed to grow and start projects to benefit Ohioans. We are part of that growth.

As we continue to work with banks and other investment partners to leverage New Markets Tax Credit funding, PreDevelopment and Economic Development grants, Intermediary Lending Programs and other credit and lending programs we know we will continue to make a difference. It is not one person’s responsibility — it is a coalition of unified effort that will make the change for this nation. None of us are as smart of all of us.

Finance Fund is just one piece of the puzzle. What crucial piece are you?

This is Harvard speak for “hold on to something, we’re going
to turn your brain into carrot soup, but you’ll be able to see things more
clearly.” This was my second exposure to the HBS Executive Education program. The first session I attended about five years ago was in a program that examined Performance Measurement for Effective Management of Nonprofit Organizations. At the end of that intensely focused period of study and learning, my perception of the phrase “you manage what you measure” was changed dramatically, and that change was not salted but poured into Finance Fund.

SPNM (pronounced: “Speenem”) took it up a notch. It included
people from 20 countries in addition to the US representing world class
organizations at the cutting edge of nonprofit management including Greenpeace,
Special Olympics, Big Brothers Big Sisters, YMCA, Boy Scouts of America,
Habitat for Humanity, Goodwill, United Way, and countless others. My living group included
representatives from nonprofits in Singapore, Australia, Canada, California,
Florida and Pennsylvania.

The HBS instruction model is one of discovery
rather than impartation; and boy, did we discover. From 7:30 AM to 10:00 PM we
grappled with finding the lessons and truths by examining case studies of
various nonprofit organizations from around the world. At the end of the week, ideas
were stacked like cordwood in my head and will slowly begin to pour into
Finance Fund. Upon returning, with eyes forward and tail dragging, I have confirmed
the “Harvard speak” declaration of SPNM and my translation

Our theme for 2010 was “Plan. Build. Succeed.”—and what an appropriate theme! Finance Fund created amazing opportunities for local Ohio communities in 2010.

The evening also honored David Gibson of PNC Financial Services and Medina Creative Housing with the 2010 Community Champion Award. This award is given to those who exhibit extraordinary service to their community. The work that has been accomplished by David Gibson and those at Medina Creative Housing has impacted hundreds of Ohioan’s lives. Distressed neighborhoods have been revitalized, unemployed individuals have been given jobs and low-income communities have been allocated resources to improve the quality of life.

Some of the projects that were highlighted throughout the evening were:

The Freeport Press – We connected Freeport Press to $6 million in a New Markets Tax Credit Loan, which will help sustain the nationally-recognized commercial printing company’s growth and provide additional opportunities for employment to the residents of Harrison County. The company is currently the largest employer in Harrison County and has seen 190 jobs created and retained with Finance Fund’s help.

Family Services of Middletown – With funds from local private sources, numerous in-kind services, and a Finance Fund Economic Development Grant, we helped Family Services of Middletown purchase a 12,700 sq. ft warehouse from which they can provide quality of life services to the area’s low and moderate income houses.

St. Lawrence O’Toole Gardens – We partnered with the developers at St. Lawrence O’Toole Gardens by providing $2.7 million in New Markets Tax Credits funding. These funds enabled the developers to purchase and renovate a facility that now offers 21,700 sq. ft of living space with appropriate services and amenities for the elderly residents of Lawrence County and the tri-state geographical area. This project also created 30 full-time jobs.

2010 was an incredibly successful year for community revitalization and Finance Fund is continuing to build a better Ohio in 2011 and years to come.

To view photos from the 22^nd Annual Reception click here.

 “The Ohio New Markets Tax Credit program is one of the first of its kind in the country, and we are eager to see the new developments that come from this program,” Patt-McDaniel said.

The Ohio New Markets Tax Credit program leverages the successful Federal New Markets Tax Credit program to attract additional investments to Ohio. Entities that received a tax credit allocation from the Federal New Markets Tax Credit program were eligible to apply. Finance Fund will twin their state credits with their federal credits on qualified projects within Ohio’s low-income communities matching both state and federal parameters.

For more information on the Ohio New Markets Tax Credit program, the Federal New Markets Tax Credit program or potential projects, please contact Moniqua Spencer, Chief Program Officer at Finance Fund, at mspencer@financefund.org.

 As Finance Fund moves to yet another level of complexity and engagement, the role played by the board of directors continues to evolve as well. While previous board retreats helped develop framework and focus, the emphasis of this retreat was to instill an attitude of “readiness” for moving the organization forward.

With an overall theme of Yesterday, Today, and Tomorrow, retreat attendees began a historical journey detailing from the very beginning—milestones, challenges and achievements of the organization. That afternoon, attendees then loaded onto a bus to “go and see” many of the projects in central Ohio that were made into reality through Finance Fund.

 As day two conversations evolved to the future of the organization, attendees began to paint a picture filled with opportunity and promise. Armed with knowledge and vision from the past, board and staff attendees turned to Finance Fund’s mission as the beacon to guide future decisions.

At the end of the two days, all were in agreement. We are relevant. We will remain true to our mission. And we are ready.

This new building supports Dayton’s continued efforts to accelerate economic development. Finance Fund provided a $10.2 million in New Markets Tax Credits to support the project in partnership with a $2.4 million equity investment by PNC Bank. Additional funding was received through a $5 million grant from the Ohio Department of Development’s Job Ready sites program. The City of Dayton also contributed financial support. The new Tech Town addition will offer office, research and laboratory space. Because Tech Town is already linked with Wright-Patterson Air Force Research Laboratory, the University of Dayton Research Institute, and other business-technology companies, it will provide excellent resources for collaboration.

 The event was an exciting glimpse into the future of Tech Town for all who attended.  Here’s some of the coverage:

 WTDN Channel 2 News

September 13, 2010

http://www.wdtn.com/dpp/news/local/tech-town-continues-to-move-forward

 Dayton Business News

September 13, 2010

http://daytonbusinessnews.blogspot.com/2010/09/tech-town-growth-continues-with.html

“We are working every day to help businesses create new opportunities and new jobs in Ohio. In recent months we’ve seen job growth in Ohio again because in recent years we’ve been investing in growing Ohio industries and jobs that can’t be outsourced,” Strickland said. “The Freeport Press is already the largest private employer in Harrison County, and the addition of another state-of-the-art printing press is expected to create 40 new jobs. We’re proud to have provided a loan to help make this new equipment purchase possible.”

Congressman Zack Space adds “Being creative, innovative, and industrious is critical to bringing jobs to our region — and Freeport Press has shown those qualities impressively. They’ve been aggressive in making new investments and they’ve had the ingenuity and smarts to capitalize on emerging trends in the publishing industry. Working with Freeport Press has been a joy – and our joint effort to bring new jobs to Harrison County represents a perfect partnership between business and government.”

Financing for the project was made possible by Finance Fund, which provided $6 million in New Markets Tax Credits by partnering with the Ohio Department of Development and PNC bank.

“The Freeport Press plays an important role in the region’s economic vitality,” said James R. Klein, CEO of Finance Fund. “By connecting Freeport Press to necessary funding, we are helping to sustain its growth and provide additional opportunities for employment to the residents of Harrison County.”

According to Freeport Press CEO and Owner, David Pilcher, the printing press will enable the company to expand the clients its serves beyond the region.

“This new state-of-the-art printing press enables the Freeport Press to better serve its existing clients while creating a wonderful opportunity to grow the business,” Pilcher said. “It also ensures job stability for our valued employees and their families.”

On May 27, in Jackson, Ohio, my staff and I ventured to picturesque Jackson, Ohio, located in the Appalachian foothills, to celebrate the economic development success of another fruitful partnership—Ohio Basic Minerals.

Patrick McDonald, Ohio Basic Minerals CEO, and Jeff Schrader, founder of the original Schrader and Sons Sand and Gravel, spoke to the crowd of local and state dignitaries, Ohio Basic Minerals employees and business partners. Mr. Schrader cut the ribbon to symbolize the grand opening of the newly revitalized and renovated facility, funded by more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and New Markets Tax Credits (NMTC). The event made a splash in the media—read more about Ohio Basic Minerals’ success and exciting new developments

Columbus Dispatch
May 24, 2010
Minerals plant expansion to lead to 30 new jobs

Jackson County Times-Journal
May 25, 2010
Ohio Basic Minerals celebrates expansion

Columbus Business First
May 28, 2010
Finance Fund helps sand, gravel maker expand in southeast Ohio

Jackson County Times-Journal
May 28, 2010
OBM celebrates plant expansion

Finance Fund was able to provide more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and the New Markets Tax Credits (NMTC) resources for expansion and new equipment for the sand and gravel facility. This will not only help OBM compete in new markets and increase revenue, but will enable the company to hire new employees and stimulate Jackson’s economy.

This Thursday we’ll proudly join OBM in celebrating the new facility with a ribbon-cutting ceremony, tours of the facility and special before and after displays. Several local and state dignitaries will be in attendance, in addition to company CEO, president, employees and business partners.

Here’s to Ohio Basic Minerals—another Ohio economic development success story!